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Cryptocurrencies: What comes after the significant drop?
The crypto market recorded a significant correction earlier today, where the top 10 crypto-currencies lost about 7 to 10% in minutes.
The market correction led to nearly $ 300 billion being eliminated from the crypto market, as its valuation fell from $ 3 trillion to $ 2.65 trillion at writing.
Bitcoin lost most of its profits in November, as the price of BTC fell close to $ 60,000. Bitcoin was trading above $ 66,000 at 10:54 pm GTM time before reaching a weekly low of $ 60,583, according to CoinMarketCap.
In addition to stablecoins, most of the volatile cryptocurrency market has been painted red and has lost significant gains since November.
Also, nearly $ 500 million in leveraged positions were liquidated.
$ 1 trillion liquidity injection in America
The traditional financial market suffers from high inflation caused by overspending of money by the federals.
Still, governments continue to print more money to limit the losses caused by money publishing itself.
Many believe that the sudden fall of the crypto market was due to the approval of the controversial infrastructure bill that was turned into law on Monday, November 15, 2021.
This article is for informational purposes only and does not replace specialized consulting services with professional experts.
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